Netflix 1Q profit, subscriber growth soars

April 23, 2009

(AP) -- Netflix Inc. says its first-quarter profit soared as 920,000 new subscribers signed up for its DVD-by-mail rental service.

The customer growth announced Thursday was the best in any quarter in Netflix's 10-year history. More people have flocking to Netflix since last fall as they looked for more affordable forms of entertainment during the recession.

Netflix ended March with 10.3 million subscribers.

The Los Gatos-based company earned $22.4 million, or 37 cents per share, in the first quarter. That was up 68 percent from $13.3 million, or 21 cents per share, at the same time last year.

Revenue rose 21 percent to $394 million.

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